For some reason a large amount of people think the real estate industry is a good place to make money using a variety of unethical methods. Agents, brokers, appraisers, title attorneys, investors, homeowners, homeowners relatives, etc. Seems like someone is always coming up with a fool proof way to make a killing. I think in every case, there is always something in writing left behind that can be used as evidence to piece the crimes together.
I recently declined to get involved in a short sale where owners hadn't made a payment in 5 months, but figured they could short sale to their parents, then rent back and then buy property back in a few years. Listening to how they had their plan all worked out was hilarious. Desperate people just don't think clearly. They had a way to get around arms length agreements, using friends name on lease, using mothers maiden name or mothers sisters name on short sale contract, etc, etc. The husband just knew it all. It didn't take me long to realise I was going to decline listing that property.
A paper trail will be left behind and it will just be a matter of time before their great plan blows up in their face. He won't realise that until his kids start visiting him in jail.
In this Harding case, I wonder just how long anyone could keep up with all the gimmicks he had going on? Fraud, bankruptcy, forgery, fake receipts, fake construction projetcs, using other businesses to convert checks to cash, fake business partners, etc. How can anyone stay on top of that? I think he actually got off easy with 30 months and $2,000,000.00 + restitution which I seriously doubt he will have any way to pay off.
Short sales are declining, although some will still be around for several years. If you're a homeowner in distress, and think you will be facing a short sale situation in your future, plan ahead. If you want free consulation on what you should do, and what you shouldn't do, you can call me anytime and I can guide you through the process. Don't wait until your 3-6 months behind on payments. Don't waste your time trying to devise any schemes to screw your lender. Accept the fact that you need to settle one or more mortgage debts and walk away in the best possible position to move on with your lives and purchase another home in the future.
Jeff Pearl / Lic in VA
Remax Distinctive - McLean VA
703-727-4876
Homes / Land / Farms / Historic
www,jeffpearlhomes.com
Equal Housing
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